The UK plans to sell "golden visas" at auction

Feb. 27, 2014

The UK plans to sell "golden visas" at auction

Migration Advisory Committee recommends to sell at auction 100 "golden visas"  for wealthy foreigners annualy, according to ee24.com citing British media.

Buying property in the UK does not give grounds for obtaining a residence permit. Currently rich foreigners can invest into the UK economy £1 million (€1.22 million) and get the permanent residence after five years of stay in this country, £5 million - after three years of stay, or £10 million - after two years of stay. The auction is planned to be introduced instead of two latter ways.

The starting price, according to MAC, should be £2.5 million, of which £2 million will be spent on investment (apparently not into gifts, but into socially significant funds supporting, for example, a small business), and the rest of the sum, not less than £0.5 million, will be spent for "good causes", i.e. for charity, including for the needs of public schools and kindergartens. Auction winners will be able to obtain the documents much faster than those who invest £1 million.

Since 2008 the investor visas to Britain were approved for 433 Russian and 419 Chinese millionaires. In addition, "golden visas" were provided  to 93 U.S. Americans, 46 Egyptians, 44 Indians.

Read the continuation of the theme:

Investor's residence permit in the UK will be risen in price by 2 times (22.10.2014)